Almunajem Foods’ push for 20.3% of Al Jouf Agricultural Development moves to capital-raise stage

Almunajem Foods edged a step closer to raising its stake in Al Jouf Agricultural Development to 20.3% after the latter’s board approved a SAR 236.3 mn capital increase, according to a Tadawul filing. Almunajem will subscribe to all 4.5 mn new shares at SAR 52.5 each under the binding agreement signed in July. The shares represent 15% of current capital and 13.04% post increase. The raise, which suspends preemptive rights, remains subject to CMA, Tadawul, and shareholder approval.

REMEMBER- Almunajem first announced its intention to become a strategic investor in Al Jouf in February and already holds an 8.3% stake in the company.